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Preferred Stock and Units | 6 Months Ended
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Jun. 30, 2024
Preferred Stock And Units [Abstract] |
Preferred Stock and Units | 6. Preferred Stock and Units Preferred Stock - The Company is authorized to issue up to 11,000,000 shares of preferred stock. The following table sets forth our Cumulative Redeemable Perpetual Preferred Stock by series:
|  | Per |  |  |  |  |  | Number of Shares |  |  | Quarterly |
|  | Annum |  |  | Liquidation |  |  | Issued and Outstanding as of |  |  | Distributions |
Preferred Stock - Series |  | Rate |  |  | Preference |  |  | June 30, 2024 |  |  | December 31, 2023 |  |  | Per Share |
Series B Preferred Stock |  |  | 8.000 | % |  | $ | 25.00 |  |  |  | 1,464,100 |  |  |  | 1,464,100 |  |  | $ | 0.500000 |
Series C Preferred Stock |  |  | 7.875 | % |  | $ | 25.00 |  |  |  | 1,346,110 |  |  |  | 1,346,110 |  |  | $ | 0.492188 |
Series D Preferred Stock |  |  | 8.250 | % |  | $ | 25.00 |  |  |  | 1,163,100 |  |  |  | 1,163,100 |  |  | $ | 0.515625 |
The Company is obligated to pay cumulative cash distributions on the preferred stock at rates in the above table per annum of the $25.00 liquidation preference per share. Holders of the Company’s preferred stock are entitled to receive distributions when authorized by the Company’s board of directors out of assets legally available for the payment of distributions. The preferred stock is not redeemable by the holders, has no maturity date and is not convertible into any other security of the Company or its affiliates. However, the Company, at its option, may redeem the preferred stock in part or in full for the amount of the liquidation preference plus any dividends in arrears as well as a pro-rata distribution for the portion of the quarterly period ending on the date of redemption. On January 24, 2023, the Company announced its intention to resume quarterly payments of dividends on its preferred stock, following the suspension of the preferred dividends during the pandemic. The total undeclared and unpaid cash dividends due on the Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock as of June 30, 2024, are $8,052,550, $7,287,931 and $6,596,958, respectively. Undeclared preferred cumulative dividends are reported on the statements of operations but are not considered payable until declared. The preferred stock is considered permanent equity and distributions accrete as distributions are declared. As of June 30, 2024, the undeclared cumulative preferred dividends were approximately $21.9 million. Preferred Units - The Company is the holder of the Operating Partnership’s preferred partnership units and is entitled to receive distributions when authorized by the general partner of the Operating Partnership out of assets legally available for the payment of distributions. The following table sets forth our Cumulative Redeemable Perpetual Preferred Units by series:
|  | Per |  |  |  |  |  | Number of Units |  |  | Quarterly |
|  | Annum |  |  | Liquidation |  |  | Issued and Outstanding as of |  |  | Distributions |
Preferred Units - Series |  | Rate |  |  | Preference |  |  | June 30, 2024 |  |  | December 31, 2023 |  |  | Per Unit |
Series B Preferred Units |  |  | 8.000 | % |  | $ | 25.00 |  |  |  | 1,464,100 |  |  |  | 1,464,100 |  |  | $ | 0.500000 |
Series C Preferred Units |  |  | 7.875 | % |  | $ | 25.00 |  |  |  | 1,346,110 |  |  |  | 1,346,110 |  |  | $ | 0.492188 |
Series D Preferred Units |  |  | 8.250 | % |  | $ | 25.00 |  |  |  | 1,163,100 |  |  |  | 1,163,100 |  |  | $ | 0.515625 |
The Operating Partnership pays cumulative cash distributions on the preferred units at rates in the above table per annum of the $25.00 liquidation preference per unit. The Company, which is the holder of the Operating Partnership’s preferred units, is entitled to receive distributions when authorized by the Operating Partnership’s general partner out of assets legally available for the payment of distributions. The preferred units are not redeemable by the holder, have no maturity date and are not convertible into any other security of the Operating Partnership or its affiliates. The Company, as general partner, may cause the Operating Partnership to redeem preferred units in the Operating Partnership in conjunction with a redemption by the Company of its preferred stock. The total undeclared and unpaid cash dividends due on the Series B Preferred Units, Series C Preferred Units and Series D Preferred Units as of June 30, 2024, is $8,052,550, $7,287,931 and $6,596,958, respectively. Undeclared preferred cumulative dividends are reported on the statements of operations but are not considered payable until declared. The preferred partnership units are considered permanent equity and distributions accrete as distributions are declared. The preferred partnership units are considered permanent equity and distributions accrete as distributions are declared. As of June 30, 2024, the undeclared cumulative preferred dividends were approximately $21.9 million.

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